The global marine propeller market size is estimated to be USD 4.73 Billion in 2017 and is projected to reach USD 5.37 Billion by 2022, at a CAGR of 2.56% from 2017 to 2022. Asia was the largest market for propellers, followed by North America in 2016. The growth of the marine propeller market can be attributed to the growth in international seaborne trade, increased demand for marine propellers from the new shipbuilding & repair market, and growth in maritime tourism.
With the ongoing technological advancements, there is an increase in the adoption of highly advanced and energy-efficient marine propulsion systems that offer excellent performance with minimum fuel consumption. The decline in fuel consumption will reduce the cost associated with seaborne trade, which will further drive the seaborne trade.
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The adoption of thrusters is projected to remain high during the forecast period for efficient maneuverability and docking of ships. Marine thrusters are used primarily in tugboats, yachts, barges, boats, and Autonomous Underwater Vehicles (AUVs). The increasing number of marine vehicles is expected to drive the growth of the segment. Some of the leading manufacturers of thrusters are Rolls-Royce, Hyundai Heavy Industries, and Caterpillar.
Merchant Ships Expected to be the Leading Application of the Marine Propeller Market
The merchant ships application segment is anticipated to lead the marine propeller market during the forecast period. The increasing demand for passenger and cargo ships is expected to drive the growth of the merchant ships segment. Merchant ships are used majorly for commercial transportation. These ships vary in sizes - from long diving boats (6 meters long) to long ultra large crude carriers (415 meters long). These carriers are used to transport crude oil and goods across oceans; they are also known as tankers, containers, or bulk carriers.
Nickel-aluminum bronze alloy is one of the key materials used to manufacture ship propellers. This alloy comprises up to 7% iron, 6-13% aluminum, and 7% nickel. The use of this material provides resistance to notch sensitivity and increases the efficiency of propellers. Kruger & Sons is one of the key manufacturers of nickel-aluminum bronze propellers.
By end-user, the OEM segment of the marine propeller market is projected to outpace the aftermarket segment during the forecast period. Increase in spending on shipbuilding activities by different regions is one of the major factors expected to drive this segment. OEMs offer both line-fit and retrofit options, thereby saving the time required in the installation of marine components post their delivery.
Asia Anticipated to be a Leading Revenue Contributor to the Marine Propeller Market
Asia is projected to lead the marine propeller market from 2017 to 2022. The rise in demand for oil tankers and bulk carriers for import and export activities in Asia is expected to fuel the market in this region. The rise in maritime trade has subsequently increased the demand for ships that are used to transport manufactured goods to various regions. Hence, the increase in the number of ships has contributed to the growing demand for propulsion systems and propellers in this region.
Rolls-Royce Holdings Plc (UK), Wärtsilä Oyj Abp (Finland), Hyundai Heavy Industries Co., Ltd. (South Korea), MAN SE Corporation (Munich), and Caterpillar Inc. (US), among others, are some of the major players in the marine propeller market.
Hyundai Heavy Industries (South Korea), one of the key players in the marine propeller market, is engaged in the manufacture and sale of ships for commercial as well as military purposes. The company develops heavy industrial machinery, wind turbines, marine propellers and thrusters, and electrical components for engines and powertrains. It focuses on investing in the development of propulsion systems and propellers, primarily designed for drillships, LNG carriers, LNG FRSUs, FLINGs, and LPG carriers. As a part of its key growth strategy, the company is involved in the development of energy-efficient and eco-friendly propulsion systems. For instance, in 2015, the company launched a new energy-saving propeller attachment, Hi-FIN, which is capable of reducing fuel consumption by up to 2.5%. This new product launch strategy has helped the company enhance its competitive position in the marine propeller market.
Rolls-Royce (UK), another prominent player in the marine propeller market, offers integrated power solutions to aerospace, marine, industrial, and power systems markets. The company operates through 5 business divisions; it provides marine propellers and related equipment through its marine segment. Rolls-Royce has a strong presence in the marine propeller market. In recent years, the company signed several contracts with key industry players to supply marine propellers. For instance, in 2015, the company signed a contract with Sanmar Shipyards (Turkey) to deliver 12 steerable propellers and azimuth thrusters.
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